This Altcoin Surpasses 7 Million Unique Addresses In 7 Days

Pratik Bhuyan
November 4, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

In the past few days, over 3.6 million new addresses have been generated on the Fantom network as per data from FTMScan revealed. With 87 validators managing the network, Fantom processed upward of eight transactions per second (tps) as of Wednesday.

Advertisement
Advertisement

Reality Behind Fantom’s Rise

DeFi projects on Fantom have emerged as the top performers in recent months and have been the primary reason for the boom in unique daily addresses. SpookySwap & Geist Finance are the top two Fantom projects with a combined TVL of $185 million. As per DefiLlama, the total value locked in Fantom is around $500 million and currently ranks on the top 100 list of DeFi projects.

Advertisement
Advertisement

Fantom’s Price Skyrockets

In other news, rumors of a comeback from Andre Cronje, the project’s core DeFi architect, have spiked Fantom’s price by 25% within 24 hours.

Fantom lost $3.62 billion in market capitalization while Andre was away, but even without its core architect, it has remained true to its tokenomics. As in recent months, some of its supply has been burned, staking rewards have increased and grants from Gitcoin have been distributed to contributors.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.